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Nine foreign investment projects with a combined value of US$400 million that were signed Tuesday show the city is planning the next phase of its economic future.
"Launching these projects will push ahead industries such as information technologies (IT), equipment manufacture and automobiles," said Wu Chenglin, president of the Shanghai Foreign Investment Development Board (SFIDB).
Among the nine contracts, four involve in IT, including Lattice Research & Design Centre, a subsidiary of Lattice Semiconductor Corp.
"Our mission is to research and develop programmable logic devices and relevant electronic design automatic software for Asia," said Cyrus Tsui, president and CEO of Lattice.
Wu said the investments are the result of new city policies to encourage foreign companies to set up more research and development centres.
Two of the nine projects have financial backing from Alstom, a world-renowned multinational supplier of power and automation equipment. Alstom's projects in Shanghai will involve an estimated US$39.8 million.
The Swiss Foundation, established by several medium-sized Swiss enterprises, will set up a Swiss Centre to help more Swiss enterprises invest in the Shanghai market, said centre General Manager Philippe Zwahlen.
Wu said the city approved 159 foreign-funded ventures worth US$703 million in January, up 35 per cent from the same period last year.
"Attracting more foreign investment will enhance Shanghai's comprehensive economic strength and drive it to a new position in the global market," Wu said.
Also, the city's industry plans to introduce foreign investment of up to US$4 billion this year to boost the production of its high-tech products, according to the Shanghai Economic Commission.
With more foreign funds used, the city hopes exports will hit US$18 billion this year, up 15 per cent from last year.
Of the export volume, machinery products are expected to account for US$13.8 billion, while the city is expected to import US$7.5 billion in machinery products.
The commission requires each industrial sector to launch three or four projects this year to expand Shanghai's share in the world market.
More projects will be launched in the Pudong New Area, which is expected to introduce more than US$1 billion in foreign investment in the first three months of this year.
(China Daily 02/07/2001)
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